Retirement crisis looms as women's savings just one-third of men's: report

foxbusiness.com:

Ramsey Solutions personality Jade Warshaw breaks down how to get the most out of your Social Security check and more on The Bottom Line.

A potential retirement crisis is brewing among female retirees who have only saved about one-third of the amount men have, according to a Prudential Financial survey released Monday.

The survey of 905 American adults between the ages of 55 and 75 found that while men had saved a median of $157,000 for retirement, women had only set aside $50,000.

«The financial futures of certain cohorts – such as women – are especially precarious,» Caroline Feeney, CEO of Prudential's U.S. businesses, said in a statement. 

«Women have a more challenging time saving for retirement,» she added, noting that inflation, housing prices and changing tax policies have been the main barriers.

MORE RETIREES CONSIDER RETURNING TO WORK AS HIGH INFLATION SQUEEZES

Women face a potential retirement crisis, with a Prudential survey finding their retirement savings are just one-third of the median savings of men. (FOX Business/Photo illustration / Fox News)

In comparison to the men surveyed, women were three times more likely to be focused on providing for their families and children than saving.

Nearly half, 46%, of men surveyed said they were looking forward to retirement and had more plans, compared with 27% of women polled.

«The upside is that, with the right planning and strategy to protect their life's work, we can ensure this generation is well-prepared to live not only longer, but better,» Feeney said.

THESE ARE THE STATES WITH THE HIGHEST JUMP IN OLDER WORKERS AS SHARE OF RETIREES FALLS IN THE US

The median savings for 55-year-old Americans was about $47,950 – well below Prudential's recommendation. (iStock